Siccar Point Energy E&P has announced it will defer approval of the Cambo development offshore Shetland, UK. The Covid-19 coronavirus pandemic has moved the final investment decision (FID) to the second half of 2021.

Siccar, alongside partner Shell UK, said it would make its FID regarding Cambo in the third quarter of this year.

The Cambo oil field lies in blocks 204/9 and 204/10, approximately 125km north-west of the Shetland Islands offshore UK. It lies at a water depth of 1,100m, one of the deepest fields ever to be discovered in Northern Europe.

Siccar Point CEO Jonathan Roger said: “Cambo remains an extremely attractive development with compelling economics. However, given the uncertainty of the global situation, including whether any people, goods and services can be mobilised in OECD countries, it makes sense to hold-off final approval until some normality returns to the market and a clear and robust path forward can again be established.

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